Over time, the value of a property will go up and down.
Almost always, home values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you'll create a better profit when you sell.
Property values in Burlington rise and fall for numerous reasons, so how will you be sure what you're investing in now won't depreciate the day after you close?
Choosing a real estate agent in Burlington who recognizes the factors that affect local prices is the most important thing to consider.
The economy is believed to be the most crucial factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and a handful of other national determinants have a noticeable effect on your house's worth.
But the most significant issues that figure your house's value are particular to the local Burlington economy and residential market.
Access to services - Many of us want to live in regions with the most accommodating traits for homes to develop, such as a close proximity to schools and work.
So these areas typically appreciate, or hold their value consistently, year to year.
Recent sales - Your REALTOR® should give you statistics on the recent real estate sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of business in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
All these play a role.